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Japanese crude steel output is forecast to tumble in the April-June quarter because of a sharp fall in manufacturing demand for steel products affected by the Covid-19 pandemic.
The trade and industry ministry (Meti) today projected the country's April-June crude steel output to fall by 26pc from a year earlier to 19.4mn t. This is also down by 18pc from 23.6mn t in January-March.
Japanese steel mills have been forced to reduce their crude steel output in the face of weakening demand from the manufacturing sector, particularly auto producers. Nippon Steel, the country's largest steel producer, plans to further reduce output later this month by temporarily halting two blast furnaces.
Meti estimated Japan's crude steel output at 97.9mn t in the April 2019-March 2020 fiscal year, its lowest level in 10 years since 96.4mn t in 2009-10. The 2019-20 output dropped by 5pc from 2018-19.
Demand for steel products during April-June is also expected to fall by 18pc from a year earlier to 18.3mn t, according to Meti. Demand for ordinary steel materials is projected to fall by 12pc to 15.3mn t, while demand for specialty steel products is expected to slump by 40pc to 3mn t.
Domestic demand for steel products during April-June is forecast to fall by 17pc on the previous year to 12.9mn t, pressured particularly by reduced demand from auto producers, shipbuilders and industrial machinery producers. Export demand is expected to drop by 21pc to 5.4mn t. （Argusmedia）
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